LIVE: Negotiations And Crisis In Greece

Government officials are trying to reach a deal with the
country's private creditors on losses the latter will take in a
controlled Greek restructuring. Meanwhile, the troika (European Central Bank, representatives of
the European Union, and International Monetary Fund) are trying
to pressure Greece into passing new austerity measures that
critics fear would cripple economic growth.

Here's a brief rundown of what's being discussed right now:

- Bondholder losses of approximately 70 percent, with coupons
that would increase from 3.6 percent as the Greek economy grows
in the future.

- ECB involvement in the debt restructuring, something that the
bank has appeared to consider only recently and might be in
opposition to its mandate. It holds about €50 billion ($65.6
billion) in Greek bonds that it purchased at a discount. Private
sector investors are reportedly demanding this official sector
involvement (OSI) as a precondition for the haircut deal.

AP reports that the Greek government has accepted troika demands that it cut 15,000 public sector jobs.

Greek unions two largest unions will hold a 24-hour strike tomorrow.

This had been planned before, but could be amplified by the new layoffs announcement.

From the WSJ: "I call on all the workers to participate in the big general strike tomorrow and express our disagreement, to strongly express our will, to say both within Greece and abroad: enough is enough," Yannis Panagopoulos, president of private sector umbrella union GSEE, said. "The Greek people are not guinea pigs."